1. event <br> <br> company reported 2014 annual and 2015 first quarter results notice: the company 991 million yuan in revenue in 2014, an increase of 31.43%, net profit of 179 million yuan, an increase of 36.64%; the company expects first quarter 2015 Net profit increased by 5%-30%.
2. Our analysis and determine (a) to accelerate the internationalization of small size, Toyota patent cooperation is a breakthrough in small-size backlight <br> <br> company leading domestic market share above 30%, gross margin stable at around 33%. In the process of shifting the smartphone backlight module supply chain to China, the company has been promoting the internationalization of small-size backlights. At present, the company has gradually entered the procurement system of Samsung, LG and AUO. At the same time, the company reached a strategic cooperation with Toyota in January this year, obtained its white LED patent license, and became the authorized manufacturer of BOSE Alliance. It is expected to accelerate the pace of the company's entire products to the international market through patent protection.
(B) large-size strong growth, customer development is the core source of growth <br> <br> companies, large-size backlight strong growth, revenue rose by more than 150% of the income scale nearly $ 300 million, has been largely achieved on the original faucet Catch up. In the future, with the increase in the localization rate of LED TV backlight modules and the development of LCD TVs to large screens and high definitions, the market space for medium and large size backlights of the company will be further expanded. At the same time, thanks to strong product development capabilities and stable quality control capabilities, the company has developed a core enterprise such as Hisense. This year, the sales volume of the company's core customers will drive the company's medium and large-size backlights to continue to grow at a high speed.
(C) an optical film and flash important future growth <br> <br> engine on a single phone, a backlight LED output is about 2 million, the output value of the optical film 3 is about 1 million, a flash output 1-2 yuan, so the company's optical film and flash business from the production value, equivalent to re-creating a flying. The company established a subsidiary in 2013 to cultivate optical film products. At present, it has successfully developed “optical film super bright productsâ€, and customer feedback is good. Due to the specification problem, the company's flash has not been highly accepted. Now, after adopting the mainstream specifications, not only the performance indicators are consistent with the national manufacturers, but also the cost is lower. It is expected that the company's “new flash†will be launched in mass production in the first quarter of this year. We believe that the company's optical film, flash customers and backlight customers overlap, which is conducive to the market development of these two products after the market, and that it will become a new engine to drive the company's performance growth.
3. investment advice <br> <br> we are optimistic about the potential of the company to continue its rapid growth in backlighting, as well as companies in the field of optical film and flash product placement, the company expects 15 - 17 years of sales revenue 13.34,17.80,23.44 billion, EPS0.79, 1.03, 1.31 yuan. Give a “Recommended†rating for the first time.
2. Our analysis and determine (a) to accelerate the internationalization of small size, Toyota patent cooperation is a breakthrough in small-size backlight <br> <br> company leading domestic market share above 30%, gross margin stable at around 33%. In the process of shifting the smartphone backlight module supply chain to China, the company has been promoting the internationalization of small-size backlights. At present, the company has gradually entered the procurement system of Samsung, LG and AUO. At the same time, the company reached a strategic cooperation with Toyota in January this year, obtained its white LED patent license, and became the authorized manufacturer of BOSE Alliance. It is expected to accelerate the pace of the company's entire products to the international market through patent protection.
(B) large-size strong growth, customer development is the core source of growth <br> <br> companies, large-size backlight strong growth, revenue rose by more than 150% of the income scale nearly $ 300 million, has been largely achieved on the original faucet Catch up. In the future, with the increase in the localization rate of LED TV backlight modules and the development of LCD TVs to large screens and high definitions, the market space for medium and large size backlights of the company will be further expanded. At the same time, thanks to strong product development capabilities and stable quality control capabilities, the company has developed a core enterprise such as Hisense. This year, the sales volume of the company's core customers will drive the company's medium and large-size backlights to continue to grow at a high speed.
(C) an optical film and flash important future growth <br> <br> engine on a single phone, a backlight LED output is about 2 million, the output value of the optical film 3 is about 1 million, a flash output 1-2 yuan, so the company's optical film and flash business from the production value, equivalent to re-creating a flying. The company established a subsidiary in 2013 to cultivate optical film products. At present, it has successfully developed “optical film super bright productsâ€, and customer feedback is good. Due to the specification problem, the company's flash has not been highly accepted. Now, after adopting the mainstream specifications, not only the performance indicators are consistent with the national manufacturers, but also the cost is lower. It is expected that the company's “new flash†will be launched in mass production in the first quarter of this year. We believe that the company's optical film, flash customers and backlight customers overlap, which is conducive to the market development of these two products after the market, and that it will become a new engine to drive the company's performance growth.
3. investment advice <br> <br> we are optimistic about the potential of the company to continue its rapid growth in backlighting, as well as companies in the field of optical film and flash product placement, the company expects 15 - 17 years of sales revenue 13.34,17.80,23.44 billion, EPS0.79, 1.03, 1.31 yuan. Give a “Recommended†rating for the first time.
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